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Kyodo: Japan will withdraw 15 million barrels of oil reserves

Adel 7 April, 2022 3:24 pm Global Stock Market, Market Update

Japan will withdraw 15 million barrels of state and private oil reserves as part of the second round of a coordinated withdrawal process led by the International Energy Agency, Kyodo News Agency said on Thursday.

Kyodo said the move would mark Japan’s largest-ever contribution to the process led by the International Energy Agency.

And the Executive Director of the Agency said on Wednesday that member states agreed to withdraw 60 million barrels of oil stocks, in addition to the 180 million barrels that Washington announced last week to withdraw from its stocks with the aim of calming prices after the Russian invasion of Ukraine.

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